Total has inaugurated its US$9bn oil floating production storage and offloading unit (FPSO) for the CLOV project on Block 17 in Angola
CLOV went into production in July this year and has 34 undersea wells with maximum production capacity of 160,000 bpd. The project covers an area of 380 sq km and holds an estimated reserve of 505mn barrels of oil with a 20-year-old life span, the French explorer said.
Total group president Patrick Pouyanne said, “Despite the recent volatility in oil prices, the group has a long-term vision alongside previously announced projects, such as Kaombo in Angola. Total has three strengths — ultra-deep water, liquefied natural gas and Africa. It is the largest oil producer in the continent and in Angola.”
At 700,000 bpd, the block is touted to become Total’s most prolific production site, which will help bring the company a step closer to achieving production potential of three million bpd by 2017.
Total operates Block 17 with a 40 per cent stake, alongside Statoil holding 23.33 per cent, ExxonMobil with 20 per cent stake and BP carrying the remaining 16.67 per cent.